Residential Distressed Properties for Fourth Quarter (October-December) 2012

Residential Distressed Properties for Fourth Quarter (October-December) 2012

AllAreas4thQDistressed

This chart shows the number of bank owned properties and short sales in all areas of the RMLS™ system during the fourth quarter of 2012.

Below are links to additional charts for some of our larger areas.
Portland Metro Distressed Properties (4th Quarter 2012)
Clark County, WA Distressed Properties (4th Quarter 2012)
Lane County, OR Distressed Properties (4th Quarter 2012)
Douglas County, OR Distressed Properties (4th Quarter 2012)
Coos County, OR Distressed Properties (4th Quarter 2012)

Here are some additional facts about distressed residential properties in the fourth quarter of 2012:

All areas when comparing percentage share of the market, fourth quarter 2012 to third quarter 2012:
• When comparing the fourth quarter of 2012 to the third quarter, distressed sales as a percentage of new listings increased by 3.2% (21.4% v. 18.2%).
• In a comparison of the fourth quarter of 2012 to the third quarter, distressed sales as a percentage of closed sales decreased by 1.2% (23.6% v. 24.8%).
• Short sales comprised 11.3% of new listings and 11.9% of sales in the fourth quarter of 2012, up 1.5% and down .3% from the third quarter of 2012, respectively.
• Bank owned/REO properties comprised 10.1% of new listings and 11.7% of sales in the fourth quarter of 2012, up 1.7% and down .9% from the third quarter of 2012, respectively.

Portland Metro when comparing percentage share of the market, fourth quarter 2012 to third quarter 2012:
• When comparing the fourth quarter of 2012 to the third quarter, distressed sales as a percentage of new listings increased by 2.6% (21.1% v. 18.5%).
• In a comparison of fourth quarter 2012 to third quarter, distressed sales as a percentage of closed sales decreased by 1.4% (22.8% v. 24.2%).
• Short sales comprised 12.0% of new listings and 12.3% of sales in the fourth quarter of 2012, up 1.8% and down .2% from the third quarter of 2012, respectively.
• Bank owned/REO properties comprised 9.1% of new listings and 10.5% of sales in the fourth quarter of 2012, up .8% and down 1.2% from the third quarter of 2012, respectively.

Clark County when comparing percentage share of the market, fourth quarter 2012 to third quarter 2012:
• When comparing the fourth quarter of 2012 to the third quarter, distressed sales as a percentage of new listings increased by 2.1% (26.7% v. 24.6%).
• In a comparison of fourth quarter 2012 to third quarter 2012, distressed sales as a percentage of closed sales decreased by 1.0% (28.8% v. 29.8%).
• Short sales comprised 17.8% of new listings and 18.6% of sales in the fourth quarter of 2012, up .6% for new listings and down 1.5% for sales when compared to the third quarter of 2012, respectively.
• Bank owned/REO properties comprised 8.9% of new listings and 10.2% of sales in the fourth quarter of 2012, up 1.5% and .5% from the third quarter of 2012, respectively.

If you’d like more information or percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.

Residential Distressed Properties for Fourth Quarter (October-December) 2012

Residential Distressed Properties for Third Quarter (July-September) 2012

This chart shows the number of bank owned properties and short sales in all areas of the RMLS™ system during the third quarter of 2012.

Below are links to additional charts for some of our larger areas.
Portland Metro Distressed Properties (3rd Quarter 2012)
Clark County, WA Distressed Properties (3rd Quarter 2012)
Lane County, OR Distressed Properties (3rd Quarter 2012)
Douglas County, OR Distressed Properties (3rd Quarter 2012)
Coos County, OR Distressed Properties (3rd Quarter 2012)

Here are some additional facts about distressed residential properties in the third quarter of 2012:

All areas when comparing percentage share of the market, third quarter 2012 to second quarter 2012:
• When comparing the third quarter of 2012 to the second quarter, distressed sales as a percentage of new listings decreased by .6% (18.2% v. 18.8%).
• In a comparison of the third quarter of 2012 to the second quarter, distressed sales as a percentage of closed sales decreased by 5.3% (24.8% v. 30.1%).
• Short sales comprised 9.8% of new listings and 12.2% of sales in the third quarter of 2012, down .1% and up .5% from the second quarter of 2012, respectively.
• Bank owned/REO properties comprised 8.4% of new listings and 12.6% of sales in the third quarter of 2012, down .5% and 5.8% from the second quarter of 2012, respectively.

Portland Metro when comparing percentage share of the market, third quarter 2012 to second quarter 2012:
• When comparing the third quarter of 2012 to the second quarter, distressed sales as a percentage of new listings decreased by 1.4% (18.5% v. 19.9%).
• In a comparison of 3Q 2012 to 2Q, distressed sales as a percentage of closed sales decreased by 5.3% (24.2% v. 29.5%).
• Short sales comprised 10.2% of new listings and 12.5% of sales in 3Q 2012, down .3% and up 1.1% from 2Q 2012, respectively.
• Bank owned/REO properties comprised 8.3% of new listings and 11.7% of sales in 3Q 2012, down 1% and 6.4% from 2Q 2012, respectively.

Clark County when comparing percentage share of the market, third quarter 2012 to second quarter 2012:
• When comparing the third quarter of 2012 to the second quarter, distressed sales as a percentage of new listings decreased by .4% (24.6% v. 25.0%).
• In a comparison of 3Q 2012 to 2Q 2012, distressed sales as a percentage of closed sales decreased by 5.3% (29.7% v. 35%).
• Short sales comprised 17.2% of new listings and 20.1% of sales in the third quarter of 2012, down .1% for new listings and down .3% for sales when compared to the second quarter of 2012, respectively.
• Bank owned/REO properties comprised 7.4% of new listings and 9.7% of sales in the third quarter of 2012, down .4% and 4.9% from the second quarter of 2012, respectively.

If you’d like more information or percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.

August Market Action Highlights

August was a very good month for the real estate market in many of the areas served by RMLS™. In fact, several areas recorded more closed sales than in any single month since 2007. These Oregon regions include the Portland Metro area, Lane County, Douglas County, Coos County and Curry County. Coos and Curry also had more pending sales than in any single month since 2007. The Mid-Columbia area east of Portland Metro, which includes counties on both sides of the Columbia, joined them in the pending category.

Image by Svilen Milev.

Residential Distressed Properties for Fourth Quarter (October-December) 2012

Residential Distressed Properties for April – June 2012

This chart shows the number of Bank Owned and Short Sales in all areas of the RMLS™ system during the second quarter of 2012. To download or print the chart, click here.

Below are links to additional charts for some of our larger areas*:
Portland Metro
Clark County, WA
Lane County, OR
Douglas County, OR

*If you want information on percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.

Here are some additional facts about distressed residential properties in the second quarter of 2012:

All Areas when comparing percentage share of the market 2nd quarter of 2012 to 1st quarter of 2012

  • When comparing the second quarter of 2012 to the first quarter, distressed sales as a percentage of new listings decreased by 10.1% (18.8% v. 28.9%).
  • In a comparison of the second quarter of 2012 to the first quarter, distressed sales as a percentage of closed sales decreased by 8.8% (30.1% v. 38.9%).
  • Short Sales comprised 9.9% of new listings and 11.7% of sales in the second quarter of 2012, down 5.1% and 1.3% from the first quarter 2012, respectively.
  • Bank Owned/REO properties comprised 8.9% of new listings and 18.4% of sales in the second quarter of 2012, down 5% and 7.5% from the first quarter of 2012, respectively.

Portland Metro when comparing percentage share of the market 2nd quarter of 2012 to 1st quarter of 2012

  • When comparing the second quarter of 2012 to the first quarter, distressed sales as a percentage of new listings decreased by 11.2% (19.8% v. 31%).
  • In a comparison of the second quarter of 2012 to the first quarter, distressed sales as a percentage of closed sales decreased by 9.7% (29.5% v. 39.2%).
  • Short Sales comprised 10.5% of new listings and 11.4% of sales in the second quarter of 2012, down 5.6% and 2.1% from the first quarter 2012, respectively.
  • Bank Owned/REO properties comprised 9.3% of new listings and 18.1% of sales in first quarter 2012, down 5.6% and 7.6% from the first quarter of 2012, respectively.

Clark County when comparing percentage share of the market 2nd quarter of 2012 to 1st quarter of 2012

  • When comparing the second quarter of 2012 to the first quarter, distressed sales as a percentage of new listings decreased by 10% (25.1 % v. 35.1%).
  • In a comparison of the second quarter of 2012 to the first quarter, distressed sales as a percentage of closed sales increased by 13.1% (35% v. 48.1%).
  • Short Sales comprised 17.3% of new listings and 20.4% of sales in the second quarter of 2012, down 6.5% for new listings and holding steady for sales when compared to first quarter 2012, respectively.
  • Bank Owned/REO properties comprised 7.8% of new listings and 14.6% of sales in 2012, down 3.5% and 13.1% from the first quarter of 2012, respectively.

9 Ways to Make a Kitchen Look Swank for Less

Written By  BARBARA BALLINGER, Reprinted from Realtor® Magazine June 2012

According to Remodeling magazine’s latest Cost vs. Value survey, the average price of an upscale kitchen redo hovers about $113,000. Even the cost of a mid-range overhaul is a whopping $58,000.

However, sellers are rarely willing to invest the kind of time and money it takes to do that kind of remodeling job, especially one they’ll barely use before they move. But there are affordable alternatives to make this much-used gathering spot more appealing, both aesthetically and functionally. Here arenine easy-to-implement, easy-to-copy ideas for you to share with sellers and buyers. Tell them to try one, two, or perhaps all of them!

▪ Reuse existing elements in the kitchen when possible. “We try to take a hard look before we start any renovation to see what can be salvaged,” says architect Talia Braude, AIA, LEED AP, whose firm Braude Pankiewicz Architects is based in Brooklyn, N.Y. For example, when Braude found floor joists that were too damaged to be structurally sound, she reused them as kitchen shelves, for which they worked perfectly.

▪ Go with affordable cabinets, possibly a line with simple maple, cherry, or oak rather than exotic imported wood or lacquered fronts. Also, opt for pressed rather than solid wood interiors and shelves to pare costs. Because cabinets often represent 50 percent to 60 percent of a remodeled kitchen’s cost, saving here brings down the price, says Lou Manfredini, Ace Hardware’s “Home Expert” based in Chicago. But if possible, spend a bit more on quality hardware that will eliminate wear and tear when opening and closing doors and drawers. One good place to start looking for affordable cabinets is at IKEA, says Braude, which her client Orli Belman did when remodeling a kitchen in her Los Angeles home. Belman saved even more by purchasing cabinets during IKEA’s kitchen sale. Other alternatives include replacing the doors (and reselling the old ones), or repaint cabinets with a product like Ace Hardware’s Cabinet, Door & Trim Paint, an alkyd-based semi-gloss finish that yields a smooth, factory-like finish.

▪ Appliances are another huge cost factor in redoing a kitchen, and stainless-steel name brands are among the biggest offenders. Besides opting for less expensive black-and-white fronts and going with cheaper brands, Web sites like Craigslist and Overstock are good resources for new or little-used items others are trying to get rid of. Belman went those routes and found a double oven and refrigerator drawers on Craigslist, each for $400, when a construction project stalled. She estimates each would have cost about $3,000 retail. She also found an inexpensive but good faucet at Costco and discontinued Martha Stewart light fixtures on another Web site.

▪ Changing a countertop or several can add an instant fresh look, but instead of replacing them with high-end granite, marble, or manmade quartzes, Manfredini suggests covering tired laminate tops with RustOleum’s highly durable Countertop Transformation product, a three-part system that transforms them into look-alike granites in five different colors. Belman also found affordable butcher-block tops at IKEA.

 A new backsplash can make a huge difference, and there are many self-adhesive tiles that are easy to install for DIY consumers, including those with the hot metal look in vintage or modern patterns and a host of sizes, shapes, and colors, Manfredini says. Savvy home owners also should consider contacting manufacturers, many of which offer overstocked goods for far less. For instance, Heath Ceramics has been known to sell them for 75 percent off retail at its factory showroom in Sausalito, Calif.

▪ New lighting is one of the easiest switches to make and offers a big payback since it can make a kitchen look larger and highlight its best features, from a great island to kitchen table to new backsplash. Advise homeowners to locate new lighting under cabinets where main tasks are performed, within cabinets, especially glass-fronted ones, to show off cabinets and attractive contents, and over a dining table or island where one great fixture will shine, literally. When possible, opt for compact fluorescent or light-emitting diode bulbs to conserve energy, even though the initial price is higher. And if the bulb’s compatible with dimmers, it’s a great way to vary moods.

▪ Though replacing an entire floor can be costly, time-consuming, and expensive, there are handsome options that will last and won’t break the bank. Durable and affordable options include Marmoleum, a sustainable linoleum, which no longer resembles what your parents or grandparents had but comes in hot colors and textures; old-growth bamboo that’s denser than new variations; and cork, another natural material that’s easily repairable if dings (or worse) occur. If a room is partly remodeled, often the floor can be saved with patching and restaining rather than replacing all of it, Braude says.

▪ Buyers should consider redoing the layout if it doesn’t work, then save elsewhere rather than the reverse, Braude advises. If they install all new cabinets and appliances, but keep the same old, poorly functioning kitchen plan, they probably won’t be pleased. It’s better for them to gain a new layout and budget elsewhere — maybe keep cabinets — and later replace them, she says.

▪ Even when budgeting, home owners shouldn’t forget to add in one or two splurges for a focal point and some kind of “wow” element to raise the level of the renovation, even if it’s a budget one, Braude says. Examples include handcrafted tiles with beautiful finishes, colors, and patterns, and a great island countertop, perhaps fashioned from a gorgeous CaesarStone as Belman and her husband chose to add.

Reprinted from REALTOR® Magazine Online, June, 2012, with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright March June. All rights reserved.

Residential Distressed Properties for Fourth Quarter (October-December) 2012

A Closer Look at Active Inventory

Guest Blog Post by Gail Hare, Executive VP

As reported in the recent issue of Market Action, Portland Metro had only 4.7 months of active listings, the lowest in almost five years. Inventory in months is calculated by dividing the number of active listings by the number of closed transactions for the month. In the Portland Metro area, the number of active listings on the market has held quite steady, varying less than 5% between December and April. At the end of April, there were 8,523 active listings on the market.

In neighboring Clark County, Washington, there were 2,679 active listings or 6.7 months of inventory to work with. However, this inventory includes an unusually high number of proposed new construction listings. Out of all the active listings in the RMLS system on 5/14/2012, there are only 1,059 designated as proposed construction. More than half of those are in Clark County. Counting under construction listings, over 20% of the inventory in Clark County is not available to purchase and move into right away, so inventory in months for built homes (new and existing) is more in the neighborhood of 5.3 months. By contrast, the Portland Metro area has less than 8% of its active inventory in homes that are not yet built.

Of course, further decreasing readily available inventory across both Portland Metro and Clark County is the market phenomenon called short sales. Active inventory includes listings that may have offer(s) accepted by the seller but waiting for action from the bank.

For the buyer who wants a home to move into soon, the low inventory together with these complicating factors creates a very real shortage of listings that might meet desired criteria. It should be noted that this is not a universal issue in all RMLS™ service areas. Some areas still struggle with higher inventories. (Click on charts for larger image.)